Neinor Homes closed the acquisition of a fully permitted land portfolio in Málaga, with almost 90,000 m² of buildable area suitable for the development of more than 800 units. The projected gross margin stands at 27%, well above the Company targets.
The portfolio is comprised of 6 of the most emblematic land plots in Málaga. These sites are located in Colinas del Limonar, a high-end residential area focused mainly on Spanish buyers and in Hacienda Cabello, a residential area close to the University of Málaga, where the Company has currently one development in commercialization.
The Company is working on launching the newly acquired sites to the market in the short term, as well as it is expecting to close ca. €20m of fully permitted land in the following weeks. As anticipated last week upon signing of the bridge financing, successful launches and closing of acquisitions in September/October could lead to a run rate re-assessment in the short term.
With the acquisition of this portfolio, Neinor Homes announces the opening of the September/October, managed from the new Malaga office, which will be led by Ignacio Peinado who is joining the Company.
Neinor Homes imposes its leadership in Málaga residential market, which is mostly oriented to second residence, and where the Company has more than 29 sites for the development of more than 2,300 units. The Company is showing a strong activity in this market, having delivered one site in Q2 (Las Salinas) and with 9 launched developments, of which 4 are in active commercialization.
